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The annual core inflation rate recorded 10.1 percent in March 2022, compared to 7.2 percent in February 2022, the Central Bank of Egypt (CBE) said in a statement Sunday.
The Consumer Price Index in Egypt has recorded a monthly rate of 3.1 percent in March, compared to 0.5 percent for the same month last year, and to 1.2 percent in February 2022, the statement added.
Core inflation discounts or strips out certain categories that are considered more volatile.
Egypt’s annual consumer price inflation recorded 12.1 percent in March 2022, compared to 2.4 percent in the same month of 2021, state-statistics body said earlier Sunday.
In February, Egypt’s annual consumer price inflation recorded 10 percent.
As for urban inflation, it surged in March to 10.5 percent, recording its highest in nearly three years.
On a monthly basis, inflation recorded 124.4 points in March 2022, recording a 2.4 percent increase compared to February 2022, the Central Agency for Public Mobilization and Statistics (CAPMAS) said.
CAPMAS attributed the increase in inflation to the increase in the prices of the cereals and bread group by 11 percent, the meat and pourtly group by 7 percent, the fish and seafood group by 6.2 percent, the dairy, cheese and eggs group by 5 percent, and the fruit group by 4.2 percent.
This is in addition to an increase in the oils and fats group by 2.3 percent, the group of smoke by 2 percent, the group of organized tourist trips by 32.7 percent, the group of ready-made meals by 6.1 percent.
Meanwhile, it stated that the prices of the vegetables group decreased by 2.9 percent.
The Central Bank of Egypt aims to achieve an inflation rate of 7 percent (±2) percentage points on average during the fourth quarter of 2022.
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